Stocks in Abu Dhabi rallied, leading gains among Middle Eastern markets rebounding from last week’s slump over the uncertainty about the spread of the omicron variant of Covid-19.
“We are still in the market. We like the region,” specifically the United Arab Emirates and Saudi Arabia, Ali El Adou, head of asset management at Daman Investments in Dubai, said in an interview on Bloomberg TV. “High vaccination rates is an additional point that gives us a bit of calmness to the market.”
- Abu Dhabi’s ADX General rises as much as 3.2% before trimming gains to 1.5% at 11:17 a.m. local time
- Etisalat +4%; First Abu Dhabi Bank +1.7%; Abu Dhabi Commercial Bank +2.6%
- Saudi stocks also rise, with the Tadawul All Share Index gaining 1%
- Al Rajhi Bank +0.9%; Saudi National Bank +0.8%; Sabic +1.5%
- Dubai Financial Market General Index rises 0.1%
- Kuwait’s Premier Market index rises 0.5%
- Qatar’s QE Index drops 0.1%
No comments:
Post a Comment